|~Pa e|Contents|||| |---|---|---|---|---| ||Administrative
Details|||| |2-3|The Master
&Fellows|||| |4-10|Annual
Report|||| |11-12|Report ofthe Auditors|||| |13-18|Statement ofPrincipal|Accounting|Policies|| |19|Consolidated
income|and Expenditure||Account| |20|Statement
ofChanges|in Reserves||| |21|Balance Sheet|||| |22|Cash Flow Statement|||| |23-39|Notes to the Accounts|||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## EMMANUEL COLLEGE Independent Auditors. Report to the College Council of Emmanuel College for the Year Ended 31st July 2021 We have nothing lo report in respect of the following mallers where the Charities Act 2011 ￿qUireS us lo report to you if. in our opinion.. the information given in the College Council's Annual Report is inconsistent in any material respect wth the fin8nclal sldtements., or sufficient accounting records have not been kept., or the financial slatem&nls are not in agreement with the accounting records and relums., or we have not received all the information and explanations we require for our audit. Responsibilltigs of the College Council As explained more fully in it's Annual Report, the College Council is responsible for the preparation of the financial slalemenls and for being Satisfied that they give a true and fair view, and for such internal Control as the College Counc41 determine is necessary lo enable the preparation of financial statements that ar8 f￿fj from material misslalemenl, whether due to fraud or error. In preparing the financial slalemenls, the College Council is responsibl& for ass&ssing the ColSege and the Group's ability to continue as a going concern, disclosing, as applicable, matters related lo going Concern and using the going concern basis of accounting unless the College Council either intends lo liquidate the College or the Group or to cease operations, or have no realistic alternative but lo do so. We have been appointed as auditors under section 144 of the Charities Act 2011 and report in ac¢Drdance with regulations made under section 154 of that Act. Auditor's responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assLJrance abDuI whether th& financial statements as a whole are free from material misstalemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wth ISAS IUKI will always delect a material misslalemenl when it exists. Misslalemenls can arise from fraud or error and ar8 considered material if. individLJally or in the aggregate, they could reasonably be expected to influence the economic ecisions of users taken on the basis of these financial slalern8nls. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website al.. hllps.'IlwwN.fr¢.org.uklOur-WorKIAudiVAudil-and-assuran¢elStandards-2nd-guidancelSlandards-and- guidance-for-8udilorslAudilors-responsibililies-for-auditlDescriplion-of-audilor5-responsibilities-for-audil.aspx. This description forms part of our auditor's report. Use of our report This report is made solely to the College's Council, as a body, in accordance with College's Statutes and the Statutes of Ihp University of Cambridge. Our audit work has been undertaken so that we rnighl slate lo the College's College Council those mallers we are required lo state lo them in an auditors, report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibillty to aiiyone oll)er than the College and the College's Council CHATER ALLAN LLP Registered Auditors Beech House. 4A Newmarket Road, Cambridge CB5 8DT December 2021 Chaler Allan LLP is eligible lo act an as auditor in terms ol s*n 1212 of the Companies Act 2006 ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||Note|2021|2021|2021|2021|2020| |---|---|---|---|---|---|---|---|---|---| ||||||Unrestricted|Restricted|Endowment|Total|Total| |||||||8|6||E| |INCOME|||||||||| |Academic Fees and Charges
Accommodation,
Catering
and
Investment
Income
Endowment
return transfer
Other Income|||Conferences||3,154,909
2,331,032
3,966,021
2,375,188
575,208|1,359,326
814,079|653,441
391,336|3,154,909
2,331,032
5,978,788
3,580,603
575,208|3,125,488
2,909,006
6,998,757
3,069,186
447,716| |Total income before
endowments|donations||and||12,402,358|2,173,405|1,044,777|15,620,540|16,550,153| |Donations||||5|975,310|6,700,674|28,579|7,704,563|7,447,050| |Total Income|||||13,377,668|8,874,079|1,073,356|23,325,103|23,997,203| |EXPENDITURE|||||||||| |Education
Accommodation,
Catering
Other expenditure
Contdibution
Under Statute||and
G,ll|Conferences|6
7
8c|6,036,606
5,002,140
2,760,851
143,511|443,653
224,116
517,386
32,960|212,165
356,306
301,382
24,529|6,692,424
5,582,562
3,579,619
201,000|5,063,251
5,340,906
3,624,569
188,000| |Total Expenditure|||||13,943,108|1,218,115|894,382|16,055,605|14,216,726| |Surplus before other|gains|and|losses||(565,440)|7,655,964|178,974|7,269,498|9,780,477| |Transfers|||||(5,319,900)|(616,713)|5,936,613||| |Gain/(loss)
on disposal offixed|||assets||||||| |Gains on investments|||||9,507,972|21,197,954|14,583,614|45,289,540|(10,642,485)| |Surplus for the year|||||3,622,632|28,237,205|20,699,201|52,559,038|(862,008)| |Other comprehensive|income||||||||| |Actuarial
gain/(loss)
in respect ofpension
schemes|||||354,390|||354,390|(912,758)| |Total comprehensive|income for the year||||3,977,022|28,237,205|20,699.201|52.913.428|~(1,774,766| |||||Income and expenditure|Income and expenditure|reserve|Revaluation|| |---|---|---|---|---|---|---|---|---| |||||Unrestricted|Restricted|Endowment|reserve|Total| |||||K|E|||| |Balance at|1 August|2020||57,120,889|84,884,243|106,278,404|32,648,410|280,931,946| |Surplus/(Deficit)
from income|||and expenditure|(5,530,950)|28,237,205|20,699,201|9,507,972|52,913,428| |statement||||||||| |Transfers
between||revaluation|and income and|||||| |expenditure|reserve|||||||| |Balance at|31 July 2021|||51,589,939|113,121,448|126,977,605|42,156,382|333,845,374| |Balance at|1 August|2019||55,585,565|81,588,796|102,465,915|43,066,436|282,706,712| |Prior year adjustment||||||||| |Surplus/(Deficit)
from income|||and expenditure|(209,676)|3,295,447|3,812,489|(8,673,026)|(1,774,766)| |statement||||||||| |Transfers|between|revaluation|and income and|1,745,000|||(1,745,000)|| |expenditure|reserve|||||||| |Balance at 31 July||2020||57,120,889|84,884,243|106,278,404|32,648,410|280,931,946| ## |||||||2021|2021|2020|2020| |---|---|---|---|---|---|---|---|---|---| |Non-current
Assets|||||Note|Consolidated
8|College
8|Consolidated
8|College| |Tangible Assets
Investments
Total Non-Current
Assets|||||10
11|52,092,972
308,623,592
360,716,564|52,092,972
308,623,594
360,716,566|46,458,499
258,424, 701
304,883,200|46,458,499
258,424,703
304,883,202| |Current Assets|||||||||| |Stock and work
in progress
Trade and other receivables
Cash and cash equivalents
Total Current Assets|||||12
13|535,041
2,579,439
14,758,348
17,872,828|535,041
6,528,587
14,745,029
21,808,657|528,799
1,872,565
15,972,019
18,373,383|528,799
1,872,082
15,970,839
18,371,720| |Creditors: Amounts|Falling Due Within One Year||||14|(4,819,576)|(8,755,405)|(3,636,930)|(3,635,269)| |Net Current Assets||||||13,053,252|13,053,252|14,736,453|14,736,451| |Total Assets less current||liabilities||||373,769,816|373,769,818|319,619,653|319,619,653| |Creditors: Amounts
Falling Due After More
One Year||||Than|15|(31,666,139)|(31,666,139)|(30,545,236)|(30,545,236)| |Provisions|||||||||| |Pension provisions|||||16|(8,258,305)|(8,258,305)|(8,142,471)|(8,142,471)| |Total net assets||||||333,845,374|333,845,374|280,931,946|280,931,946| |Restricted reserves|||||||||| |Income and expenditure
Income and expenditure|reserve
reserve||- endowment
reserve
- restricted reserve||17
18|34,298,003
113,121,448|34,298,003
113,121,448|28,184,078
84,884,243|28,184,078
84,884,243| |Unrestricted
reserves|||||||||| |Income and expenditure
Income and expenditure
Revaluation
reserve|reserve
reserve||—endowment
- unrestricted|reserve
reserve|17
19|92,679,602
51,589,939
42,156,382|92,679,602
51,589,939
42,156,382|78,094,326
57,120,889
32,648,410|78,094,326
57,120,889
32,648,410| |Total reserves||||||333,845,374|333,845,374|280,931,946|280,931,946| ## ||||||2021|2020| |---|---|---|---|---|---|---| |||||Note||| |Net cash outflow from operating
activities||||21|1,745,604|1,583,294| |Cash flows from investing|activities|||22|5,020,087|6,037,458| |Cash flows from financing|activities|||22|(7,979,362)|(4,648,824)| |Increase/(decrease)
in cash and cash equivalents|||in the year||(1,213,671)|2,971,928| |Cash and cash equivalents|at beginning|of year|||15,972,019|13,000,091| |Cash and cash equivalents|at end ofyear|||23|14758348|15,972,019| |1.ACADEMIC FEESAND CHARGES||||||2021|2020| |---|---|---|---|---|---|---|---| |College fees:||||||E|E| |Fee income received at the Publicly-funded
Undergraduate
Fee income received at the Privately-funded
Undergraduate
Fee income received at the Graduate fee rate
Other income||||rate
rate||1,545,374
429,435
1,180,101|1,544,286
422,371
1,158,831| |Total||||||3,154,910|3,125,488| |2.INCOME FROM ACCOMMODATION,
CATERING|||&CONFERENCES|||2021|2020| |Accommodation
Catering
College Members
Conferences
College Members
Conferences||||||1,776,695
15,506
516,173
22,657|E
1,794,445
82,475
853,433
178,653| |Total||||||2,331,031|2,909,006| |3.ENDOWMENT
AND INVESTMENT INCOME|||||||| |3aAnalysis of Endowment
Income
Income from:||||||2021|2020
Z| |Freehold
Land and Buildings
Quoted
&other Securities
Cash||||||3,339,915
6,217,079
2,397|3,963,541
6,059,378
45,024| |||||||9,559,391|10,067,943| |3b Summary
ofTotal Return||||||2021|2020| |Income from:|||||||E| |Land &Buildings
Quoted and other securities
and cash
Gains/(losses)
on Endowment
Assets:||||||3,339,915
2,638,873|3,963,541
3,035,216| |Land & Buildings
Quoted and other securities
and cash
Investment
management
costs re quoted securities|||—equities|||(3,573,733)
52,443,875
(327,396)|(8,931,232)
1,357,934
(256,767)| |Total Return for year
Total Return recognised
in Income 8 Expenditure||Account||||54,521,534
(9,559,391)|(831,308)
(10,067,943)| |Unapplied
Total Return recognised
in Statement
Expenditure||of|Comprehensive||Income and|44,962,143|~(19898251| |4. OTHER INCOME||||||2021|2020| |||||||E|E| |Other income||||||575,208|447,716| |||||||575,208|447,716| ## |5.DONATIONS||2021f|2020f| |---|---|---|---| |Unrestricted
donations
Restricted
donations||975,310
6,729,253|1,713,622
5,733,427| |||7,704,563|7,447,049| |6.EDUCATION EXPENDITURE||2021|2020| |Teaching
Tutorial
Admissions
Research
Scholarships
and Awards
Other Educational
Facilities||3,220,343
1,223,632
656,844
715,831
469,973
405,800|1 356 896
1,243,061
703,147
714,284
641,898
403,963| |Total||6,692,423|5,063,249| |7.ACCOMMODATION,|CATERING AND CONFERENCES EXPENDITURE|2021f|2020f| |Accommodation
Catering|College Members
Conferences
College Members
Conferences|4,254,989
37,134
1,236,178
54,262|3,294,584
151,423
1,566,895
328,005| |l||5,582,563|5,340,907| ## |ANALYSIS OF|2020/21|EXPENDITURE B|YACTIVITY||||| |---|---|---|---|---|---|---|---| |||||Staff||Other|| |||||Costs||Operating|| |||||(Note 9)
f|Depreciation|Expenses
f|Totalf| |Education
(Note
Accommodation,
Other (Note 8c)|6)
Catering|and Conferences|(Note 7)|4,139,761
2,740,291
973,438|259,171
746,398
2,137|2,293,491
2,095,874
2,604,044|6,692,423
5,582,563
3,579,619| |||||7,853,490|1,007,706|6,993,409|15,854,605| ## |ANALYSISOF|2019/20|EXPENDITURE B|YACTIVITY||||| |---|---|---|---|---|---|---|---| |||||6~aft||Other|| |||||Costs||Operating|| |||||(Note 9)
f|Depreciation
f|Expenses
f|Totalf| |Education
(Note
Accommodation,
Other|6)
Catering|and Conferences|(Note 7)|2,400,661
2,664,880
929,940|259,424
747,175
2,172|2,403,166
1,928,851
2,692,457|5,063,251
5,340,906
3,624,569| |||||5,995,481|1,008,771|7,024,474|14,028,726| ## |8c.ANALYSIS OF OTHER EXPENSES|8c.ANALYSIS OF OTHER EXPENSES|8c.ANALYSIS OF OTHER EXPENSES|8c.ANALYSIS OF OTHER EXPENSES|||||||2021|2020| |---|---|---|---|---|---|---|---|---|---|---|---| |||||||||||E|E| |Herchel Smith Scholarships
Herchel
Smith Scholarship
Interest on loans
Donations
Other expenditure||to Harvard
in Intellectual||Property|||||206,432
958,701
11,920
2,402,565||178,050
193,587
961,299
8,661
2,282,972| ||||||||||3,579,619||3,624,569| |8d. AUDITORS' REMUNERATION||||||||||2021|2020| |||||||||||E|E| |Other operating
expenses|include:||||||||||| |Audit fees paid to the College's external
auditors
Other fees payable to the College's external
auditors||||||||||18,600
2,280|18,780
1,800| |||||||||||20,880|20,580| |The above amounts
include||related irrecoverable
VAT|||||||||| |9.STAFF|||||Academic|||Non-|||| |||||||Fellows|academic|||Total|Total| |Staff Costs||||||2021
E||2021
F||2021
E|2020
E| |Salaries||||||2,419,175||4,190,564|6,609,740||4,762,551| |National
Insurance
Pension Costs||||||103,030
258,492||279,173
603,059||382,203
861,551|382,051
850,880| |||||||2,780,697||5,072,796|7,853,493||5,995,482| ||||||Average Staff Number||||Average Staff Number||| ||||||||2021|||2020|| |||||||No. of||||No. of|| |||||||Fellows||FTE|Fellows||FTE| |Academic|||||||||||| |Non-Academic||||ski:;:=".=-:1
74||||158
158|fig',|';P::,'.
72|132
132| |The Governing
Body comprises
One officer received emoluments|||90 Fellows, ofwhich the 74
at over 6100,000.|||||disclosed|above|are stipendiary.|| |||||||||||Total|Total| |6110,000tof119,999||||||||||2021
1|2020
1| |6120,000to 5129,999|||||||||||| |Key Management
Personnel|||||||||||| |Key management
personnel
directing
and controlling
the|are those persons
having
authority
and responsibility
for planning,
activities ofthe College. This includes aggregated
emoluments
paid to||||||||||| |key management
personnel.|||||||||||| |key|managem|ent|pers|onnel.|||||| |---|---|---|---|---|---|---|---|---|---| |||||||||Total|Total| |||||||||2021|2020| |||||||||E'000|E'000| |Key|Management||Personnel|||||254|252| |The|key management|||personnel|are|the Master, Bursar and the Senior Tutor.|||| |The|Trustees|received||no emoluments||in their|capacity as Trustees
25|of the Charity.|| ## |10.TANGIBLE
FIXEDASSETS (CONSOLIDATED &COLLEGE)|10.TANGIBLE
FIXEDASSETS (CONSOLIDATED &COLLEGE)|10.TANGIBLE
FIXEDASSETS (CONSOLIDATED &COLLEGE)|10.TANGIBLE
FIXEDASSETS (CONSOLIDATED &COLLEGE)|||| |---|---|---|---|---|---|---| |||Land|Buildings|Furniture
&|Heritage|| |||||Equipment|assets|Total| ||||E|E|E|E| |COSTNALLIATION||||||| |At 1st August 2020
Additions||10,080,000|42,306,512
6,536,222|4,543,625
105,956|265,700|57,195,837
6,642,178| |Disposals at CostNaluation||||||| |Transfer from Investment|Assets|||||| |Revaluation
During the Year||||||| |CostfValuation
as at 31st|July 2020|10,080,000|48,842,734|4,649,581|265,700|63,838,015| |DEPRECIATION||||||| |At 1stAugust 2020
Provided for the year|||7,781,153
729,223|2,956,185
278,482||10,737,338
1,007,705| |Eliminated
on Disposal||||||| |Depreciation
at 31stJuly 2021|||8,510,376|3,234,667||11,745,043| |At 31stJuly 2020||10,080,000|40,332,358|1,414,914|265,700|52,092,972| |At 31stJuly 2021||10,080,000|34,525,359|1,587,440|265,700|46,458,499| ## |Amounts
for the current|and previous
fou|r years were as f|ollows:|||| |---|---|---|---|---|---|---| |||2021
E|2020
E|2014|2013
f|2012
E| |Acquisitions
purchased|with|||||| |specific donations||||||| |College Funds||||||| |Total cost of acquisitions|purchased|||||| |Value of acquisitions
by|donation|||||| |Total acquisitions
capitalised||||||| ## |11.INVESTMENTS|11.INVESTMENTS|||Group|College|Group|College| |---|---|---|---|---|---|---|---| |||||2021|2021|2020|2020| |||||6|6|6|6| |Balance at beginning||ofyear||258,424,701|258,424,703|264,898,092|264,898,094| |Additions||||2,358,480|2,358,480|2,636,573|2,636,573| |Disposals||||(679,731)|(679,731)|(1,536,663)|(1,536,663)| |Transfer to Tangible||Assets||(350,000)|(350,000)||| |Appreciation/(Depreciation)||||48,870,142|48,870,142|(7,573,301)|(7,573,301)| |Impairment
review|||||||| |Increase/(Decrease)||in Bank|balances||||| |Balance at end ofyear||||308,623,592|308,623,594|258,424 701|258,424,703| |Represented|by:||||||| |Property||||67,226,550|67,226,550|70,573,418|70,573,418| |Equities||||170,917,326|170,917,326|130,505,517|130,505,517| |Investment
in|Subsidiary
Undertaking||||2||2| |Other investments||||70,479,725|70,479,725|57,345,766|57,345,766| |Cash at Bank|||||||| |||||308,623,601|308,623,603|258,424,701|258,424,703| |12.TRADE AND OTHER RECEIVABLES||||Group|College|Group|College| |||||2021|2021|2020|2020| ||||||6|6|6| |Due within one year:|||||||| |Members ofthe College||||620,312|620,312|572,064|572,064| |Amounts
due|from subsidiary||undertakings||4,080||| |Other Debtors||||1,202,671|597,732|614,419|613,936| |Prepayments|and accrued income|||756,456|5,306,463|686,082|686,082| |||||2,579,439|6,528,587|1,872,565|1,872,082| |Due after more|than one year||||||| |Other Debtors|||||||| |||||2,579,439|6,528,587|1,872,565|1,872,082| |13.CASH AND|CASH|EQUIVALENTS||Group|College|Group|College| |||||2021|2021|2020|2020| ||||||6|6|f| |Current
and Deposit||Accounts||14,756,640|14,743,321|15,970,224|15,969,044| |Cash in Hand||||1,708|1,708|1,795|1,795| |||||14,758,348|14,745,029|15,972,019|15,970,839| ## |||Group|College|Group|College| |---|---|---|---|---|---| |14.CREDITORS: AMOUNTS|FALLING DUE|2021
6|2021f|2020
6|2020
6| |WITHIN ONE YEAR|||||| |Trade creditors||513,348|487,878|290,073|290,073| |Members
ofthe College||892,402|892,402|808,349|808,349| |Amounts
due to subsidiary
undertakings
Contribution
to Colleges Fund
Other creditors
Accruals and deferred
income||201,000
549,839
2,627,975|201,000
549,839
6,589,274|188,000
522,151
1,806,804|188,000
520,681
1,806,613| |Pension
deficit provision||35,012|35,012|21,553|21,553| |||4,819,576|8,755,405|3,636,930|3,635,269| |15.CREDITORS: AMOUNTS|FALLING DUE AFTER||||| |MORE THAN ONE YEAR|||||| |Pension deficit provision
Loan Finance||1,666,139
30,000,000|1,666,139
30,000,000|545,236
30,000,000|545,236
30,000,000| |||31,666,139|31,666,139|30,545,236|30,545,236| |Pension deficit provision
Loan Finance||||||1,666,139
1,666,139
30,000,000
30,000,000
31,666,139
31,666,139|1,666,139
1,666,139
30,000,000
30,000,000
31,666,139
31,666,139|545,236
545,236
30,000,000
30,000,000
30,545,236
30,545,236|545,236
545,236
30,000,000
30,000,000
30,545,236
30,545,236|545,236
545,236
30,000,000
30,000,000
30,545,236
30,545,236| |---|---|---|---|---|---|---|---|---|---|---| |610,000,000 Loan Facility|repayable|||40 years||from August 2008.The rate of interest||is fixed at4.59%plus minor||| |variable
adjustments.
620,000,000Senior Notes|were||authorised||and issued for sale in September 2017with an interest rate of2.43%,|||||| |repayable
in 40 years.||||||||||| |Pension
deficit provision||||||||||| |Provision
at the beginning|ofthe||year|||566,789'|566,789||1,145,586|1,145,586| |Deficit contributions
paid
Change
in expected contributions
Interest payable||||||(25,080)
1,155,304
4,138|(25,080)
1,155,304
4,138||(20,838)
(576,059)
18,100|(20,838)
(576,059)
18,100| |Provision
at the end ofthe|year|||||1,701,151|1,701,151||566,789|566,789| |Payable
within
1 year
Payable after 1 year||||||35,012
1,666,139|35,012
1,666,139||21,553
545,236|21,553
545,236| |||||||1,701,151|1,701,151||566,789|566,789| |6.PENSION PROVISIONS||||||||||| |Balance at beginning
ofyear||||||8,142,471|8,142,471||6,854,696|6,854,696| |Movement
in year
Current service costs including||life assurance||||1,131,163|1,131,163||997,415|997,415| |Contributions||||||(783,385)|(783,385)||(783,050)|(783,050)| |Other finance(income)/cost||||||122,446|122,446||160,652|160,652| |Actuarial
loss/(gain)
recognised
realised
gains and losses|||in statement|||oftotal
(354,390)|(354,390)||912,758|912,758| |Balance at end ofyear||||||8,258,305|8,258,305||8,142,471|8,142,471| ## ## ||||Unrestricted|Restricted||| |---|---|---|---|---|---|---| ||||Permanent|Permanent|2021|2020| ||||Endowments|Endowments|Total|Total| ||||E|E||E| |Balance at beginning||ofyear:||||| |Capital
Unspent
income|||76,309,907
1,784,419|25,490,801
2,693,277|101,800,708
4,477,696|97,082,341
5,383,574| |New endowments|received|||28,579|28,579|42,408| |Investment
income
Other income|||193,908|850,869|1,044,777|934,950| |Expenditure
Transfers|||(651,537)
6,283,871|(242,845)
(347,258)|(894,382)
5,936,613|(1,184,821)
2,958,218| |Increase/(decrease)
value of investments|in market||8,759,034|5,824,580|14,583,614|1,061,734| |Balance at end of|year||92,679,602|34,298,003|126,977,605|106,278,404| |Comprising:||||||| |Capital
Unspent
income|||85,068,941
7,610,661|31,343,960
2,954,043|116,412,901
10,564,704|101,800,708
4,477,696| |Balance at end of|year||92,679,602|34,298,003|126,977,605|106,278,404| |Representing:||||||| |Fellowship
Funds
Scholarship
Funds
Prizes Funds
Hardship
Funds
Other Funds
General endowments|||69,757
321,355
92,288,490|5,961,640
11,414,614
462,229
5,066,727
11,392,793|5,961,640
11,484,371
462,229
5,066,727
11,714,148
92,288,490|4,657,073
8,910,729
359,532
4,454,384
10,110,495
77,786,191| |Total|||92,679,602|34,298,003|126,977,605|106,278,404| ## |8.RESTRICTED RESERVES|8.RESTRICTED RESERVES|||Other
Restricted|2021|2020| |---|---|---|---|---|---|---| |||||Fundsf|Total|Totalf| |Balance at beginning
ofyear||||84,884,243|84,884,243|81,588,796| |Investment
income
Restricted
donations
Expenditure
Transfers||||2,173,405
6,700,674
(1,218,115)
(616,713)|2,173,405
6,700,674
(1,218,115)
(616,713)|2,349,960
5,691,019
(1,156,418)
(557,921)| |Increase/(decrease)
in market
value of investments||||21,197,954|21,197,954|(3,031,193)| |Balance at end of year||||113,121,448|113,121,448|84,884,243| |Representing:
Fellowship
Funds
Scholarship
Funds **
Prizes Funds
Hardship
Funds
Travel Grant Funds
Other Funds||||11,253,854
72,483,903
529,963
2,068,856
325,955
26,458,917|11,253,854
72,483,903
529,963
2,068,856
325,955
26,458,917|8,753,082
54,413,051
414,640
1 678831
252,871
19,371,768| |Total||||113,121,448|113,121,448|84,884,243| |**Included
in Restricted Scholarship||Funds are the following||Non-Collegiate
Funds:|2021f|2020f| |* Herchel Smith Scholarships
* Herchel Smith Scholarship
Brewer Hall Poetry
Sandcroft
Educational
AE Tomlinson|to Harvard
in Intellectual||Property||39802418
6 156413
53,130
249,164
111,619
46,372,744|28,527,300
4,417,572
41,408
189,874
89,301
33,265,455| ## |AE Tomlinson||||||46,372,744
3|46,372,744
3|3,265,455| |---|---|---|---|---|---|---|---|---| |* The funds
originated|from various donations||from Dr|Herchel Smith and|were set up to|provide scholarships||to| |students
attending
institutions||outside of Emmanuel||College||||| |19.RESERVES|||||Fixed asset
investment|||| |Group & College||||General
reserves
f|revaluation
reserve
f|2021
Totalf||2020
Total
F| |Balance at the beginning
of||year||57,120,889|32,648,410|89,769,299|98,652,001|| |Surplus
retained
for
Transfers
Actuarial
gain/(loss)
Increase/(decrease)|the year
in market|value of||(565,440)
(5,319,900)
354,390|9,507,972|(565,440)
(5,319,900)
354,390
9,507,972||3,103,379
(2,400,297)
(912,758)
(8,673,026)| |investments||||||||| |Transfers
between|revaluation|and income||||||| |and expenditure
reserve||||||||| |Balance at the end ofyear||||51,589,939|42,156,382|93,746,321||89,769,299| |||||30||||| ## |||||||2021|2020| |---|---|---|---|---|---|---|---| |Unapplied
Total Return at 1stAugust 2020
Unapplied
Total Return for year (see note 3b)||||||8
112,942,612
44,962,143|6
123,841,863
(10,899,251)| |Unapplied
Total Return at 31stJuly 2021||||||157,904,755|112,942,612| |21.Reconciliation
ofconsolidated
operating|surplus|to net cash inflow from operating
activities|||||| |||||||2021|2020| |Suplus/(deficit)
from continuing
operations
before donations
of
Depreciation
of Tangible Fixed Assets
Transfer ofassets from Charity for Emmanuel
College Library
(Profit)/loss
on disposal
ofTangible
Fixed Assets
Investment
income
Interest payable
Pension costs less contributions
payable
(Increase)/decrease
in stocks
(Increase)/decrease
in debtors
Increase/(decrease)
in creditors||||Heritage|assets|7,269,498
1,007,705
8,435
(9,559,391)
958,701
470,224
(6,242)
(706,874)
2,303,548|8
9,780,477
1,008,771
23,346
(10,067,943)
961,299
375,017
(4,077)
7,857,318
(8,350,914)| |Net cash inflow from operating
activities||||||1,745,604|1,583,294| |22.Cash flows|||||||| |Returns on investments
and servicing offinance||||||2021|2020| |Endowment
and investment
income received
Interest paid||||||5,978,788
(958,701)|6,998,757
(961,299)| |Net cash inflow from returns
on income and servicing offinance||||||5,020,087|6,037,458| |Capital expenditure
and financial
investment|||||||| |Purchase oftangible
Fixed Assets
Proceeds of disposal
ofTangible
Fixed Assets
Net sale/(purchase)
of long-term
investments||||||(6,292,178)
(8,435)
(1,678,749)|(3,525,568)
(23,346)
(1,099,910)| |Net cash outflow from capital expenditure
and financial||investment||||(79793112)|~(4648824| |23.Analysis ofcash and bank balances||At|beginning||of||At end of| |||||year||Cash flows|year| |Cash at bank and
in hand||||15,972,019||k
(1,213,671)|6
14,758,348| |Net Funds||||15,972,019||(1,213,671)|14,758,348| |24.Reconciliation
&Analysis of Net Debt||||||2021|2020| |Cash &Cash Equivalents
as at 1stJuly
Borrowing Greater Than
1 Year||||||15,972,019
(30,000,000)|13,000,091
(30,000,000)| |Cash &Cash Equivalents
as at 31stJuly||31||||(14,027,981)|~(16,999,909| ## ## ## ## |.PENSION SCHEMES (Continued)|||| |---|---|---|---| |The current
life expectancies
on retirement|at age 65are:||| |||2021|2020| |||Valuation|Valuation| |Males currently
aged 65(years)
Females currently
aged 65 (years)
Males currently
aged 45 (years)
Females currently
aged 45 (years)||24.6
26.1
26.6
27.9|24.4
25.9
26.3
27.7| ||2021|2020| |---|---|---| |Discount Rate
Pensionable
Salary Growth
Pension Increase (CPI)|3.20%
n/a
2.50%|2.59%
n/a
4.20%| ## ## |l actuarial
assum
|tions at the b|alance sheet date were as|follows.|| |---|---|---|---|---| ||||June 2021|June 2020| ||||pa|pa| |Discount rate|||1.80%|1.45%| |Increase
in salaries|||3.10%|270%| |Retail Prices Index|(RPI) assumption||3.40%|3.10%| |Consumer
Prices Index (CPI) assumption|||2.60%|2.20%| |Pension increases|In Payments|(RPI Max 5%p.a)|3.30%|3.00%| |Pension increases|in Payments|(CPI Max 2.5% p.a)|1.95%|1.80%| ## ## ## ## |Members are assumed
to retire at their normal
retirement
age (6
Active Members - Option
1 Benefits
Deferred Members
- Option
1 Benefits|5)apart from|5)apart from|in the following
indicated cases:
Male
Female
64
64
63
62|in the following
indicated cases:
Male
Female
64
64
63
62|in the following
indicated cases:
Male
Female
64
64
63
62| |---|---|---|---|---|---| |Allowance
has been made at retirement
for non-retired
members|to commute||part of their pension for a lump sum on||| |the basis of the current commutation
factors in these calculations.|||||| |The amounts
reco nised
in the balance sheet are as follows||||June 2021|June 2020| |Present value of Scheme liabilities
Market value of Scheme assets
Surplus/(Deficit)
in Scheme as at 30June||||(21,044,599)
14,971,294
(6,073,305)|(20,504,089)
13,682,618
(6,821,471)| |Related deferred
tax asset
Net pension
asset/
(liability) as at 30June
Increase
in Scheme assets as a result of lump sum paid by College
Net pension
asset/ (liability) as shown
in College Balance Sheet||in June 2009
at 31July||(6,073,305)
(6,073,305)|(6,821,471)
(6,821,471)| |The amounts
reco nised
in
rofit or loss are as follows:||||June 2021
6|June 2020| |Current service cost
Interest Cost||||903,163
99,446|757,415
124,652| |(Gain)/Loss
on Plan Changes
Total||||1,002,609|882,067| |Chan es in the
resent value of the Scheme liablities are as follows:||||June 2021|June 2020| |||||6|E| |Present value of Scheme liabilities at beginning
of period
Service cost (including
employee's
contributions)
Benefits paid
Interest cost||||20,504,089
939,198
(399,737)
301,329|17,988,765
786,731
(464,490)
408,694| |(Gain)/Loss
on Plan Changes
Actuarial
losses(gains)
Present value ofScheme liabilities at end of period||||(300,280)
21,044,599|1,784,389
20,504,089| |Chan es in the fair value ofthe Scheme assets are as follows:||||June 2021
6|June 2020| |Market value of Scheme assets at beginning
of period
Interest on Plan Assets
Return on assets, less interest included
in l&E
Contributions
by College
Employee
contributions
Benefits paid
Market value of Scheme assets at end ofperiod||||13,682,618
201,883
867,110
583,385
36,035
(399,737)
14,971,294|12,487,069
284,042
765,631
581,050
29,316
(464,490)
13,682,618| |Actual Return on Plan Assets||||1,068,993|1,049,673| ## ## |||June 2021|June 2020| |---|---|---|---| |Actual Return less Expected Return on Plan Assets||867,110|765,631| |Experience gains and Losses Arising on Plan Liabilities
Change
in Assumptions
Underlying
the Present Value of Plan Liabilities||146,315
153,865|103,176
~7.887,5657| |Actuarial
gain/(loss)
Recognised
in OCI||1 167390|(1018758)| |Movement
in sur
lus/ deficit
durin
the
ear endin|30th June 2020||| |||June 2021|June 2020| |||6|| |Surplus/(Deficit)
in Plan at Beginning ofYear
Recognised
in Profit &Loss||(6,821,471)
(1,002,609)|(5,501,696)
(882,067)| |Contributions
Paid by College||583,385|581,050| |Actuarial
gain/(loss)
Recognised
in OCI
Actuarial
Gain/(Loss)
in Plan at the End ofthe Year||1,167,390
(6,073,305)|(1,018,758)
(6,821;471)| ## ## ## ||||||| |---|---|---|---|---|---| |Princi
al actuarial
assum
tions at the balance|sheet date ex ressed as wei|||hted avera es|| |||||As at|As at| |||||31 March|31 March| |Financial
assumptions
Discount rate||||2021
2.00%|2020
2.2% pa| |Expected
return
on plan assets
Future salary increases
Pension
revaluation
in deferment
(CPI, maximum
Pension increase
in payment
(RPI, maximum
5%)
Proportion
of employees
opting for early retirement
Inflation
assumption|||2.5%)|n/a
2.00%
2.50%
3.10%
0.0%
3.20%|n/a
2%pa
1.65% pa
2.45% pa
0% pa
2.45% pa| |Demographic
assumptions|||||| |Assumed
life expectancy
in years, on retirement
Retiring today
Males
Females||at|65||23.2
25.6| |Retiring
in 20years
Males
Females|||||22.2
24.5| |Em
lo ee benefit obli ations- amounts
recoqnised|||in the balance sheet||| |||||As at|As at| |||||31 liltarch|31 March| |||||2021|2020| |Present value offunded
obligations
Fair value of plan assets
Surplus/(Deficit)
in the scheme||||7,156,000
4,971,000
(2,185,000)|6,229,000
4,908,000
(1,321,000)| |Related deferred
tax asset/(liability)
Net pension
asset/(liability)||||(2,185,000|(1,321,000)| ## ## |The Emma|nuel
College|Service Staff P|ension S|cheme (|1968)(continued)||||| |---|---|---|---|---|---|---|---|---|---| |The ma'or|cate cries of|lan assets as a|ercenta|e oftotal|lan asset
and ex|ected|return|are as follows.|| ||||||As at 2021|||As at 2020|| ||||||%total plan
Expected||%|total plan|Expected| ||||||assets
return|||assets|return| |Unitised|with profits policy||||99.1%|n/a||99.1%|n/a| |Cash|||||9.0%|n/a||9.0%|n/a| ## ## ## ## ## ## |9.Financial
Instruments|||||||| |---|---|---|---|---|---|---|---| |||||||2021|2020| |Financial Assets|||||||| |Financial assets at fair value|through|Statement ofComprehensive|||||| |Income|||||||| |Listed Equity Investment||||||241,397,053|187,851,286| |Financial assets that are equity instruments||||measured|at cost less||| |impairment|||||||| |Other Equity Investments|||||||| |Financial assets that are debt|instruments|||measured|at amortised cost||| |Cash &Cash equivalents
Other equity investments||||||15,972,019|13,000,091| |Other Debtors||||||6, 171,270|1,872,565| |Financial Liabilities|||||||| |Financial liabilities at fair value through|||the Statement||of||| |Comprehensive
Income|||||||| |Forward foreign currency contracts|||||||| |Financial
liabilities
measured|at amortised|||cost|||| |Bank Overdraft|||||||| |Loans
Service Concessions||||||30,000,000|30,000,000| |Finance Lease|||||||| |Trade Creditors
Other Creditors||||||487,878
9,933,666|290,073
3,892,093| ## |30.PRIOR YEAR INCOME AN|D EXPENDITURE|ACCOUNT||||| |---|---|---|---|---|---|---| |||Note|2020|2020|2020|2020| ||||Unrestricted|Restricted|Endowment|Total| |||||||K| |INCOME||||||| |Academic Fees and Charges
Residences,
Catering
and Conferences
Investment
Income
Endowment
return transfer
Other Income|||3,125,488
2,909,006
4,715,243
2,067,790
447,716|1,633,581
716,379|649,933
285,017|3,125,488
2,909,006
6,998,757
3,069,186
447,716| |Total income before donations|and endowments||13,265,243|2,349,960|934,950|16,550,153| |Donations||5|1,713,623|5,691,019|42,408|7,447,050| |Total Income|||14,978,866|8,040,979|977,358|23,997,203| |EXPENDITURE||||||| |Education
Residences,
Catering
and Conferences
Other expenditure
Contribution
Under Statute G, ll||6
7
8c|4,254,204
4,739,757
2,745,264
136,262|499,693
5,274
622,126
29,325|309,354
595,875
257,179
22,413|5,063,251
5,340,906
3,624,569
188,000| |Total Expenditure|||11,875,487|1,156,418|1,184,821|14,216,726| |Surplus/(deficit)
before other gains and losses|||3,103,379|6,884,561|(207,463)|9,780,477| |Transfers|||(2,400,297)|(557,921)|2,958,218|| |Gain/(loss)
on investments|||(8,673,026)|(3,031,193)|1,061,734|(10,642,485)| |Surplus/(deficit)
for the year|||(7,969,944)|3,295,447|3,812,489|(862,008)| |Other comprehensive
income
Actuarial
(loss) in respect of pension schemes|||(912,758)|||(912,758)| |Total comprehensive
income for the year|||8,882,702)|3,295,447|3,812,489|(1,774,766)|